Read the latest news about financial products in Hong Kong and the best money saving tips.
We all love to travel – see new places, try new food, escape the daily grind – the list goes on and on. Before travelling, many Hong Kongers buy travel insurance to give them peace of mind as they face of regular delays...
It is a painful process whenever you dial a bank hotline, which takes you several minutes to transfer the call to the customer service. Therefore, MoneyHero has prepared a hotline masterpiece for you! We listed all the contact numbers of major banks, and the shortcut keys.
MoneyHero has successfully held the first credit card award ceremony in Hong Kong, MoneyHero 2017 Credit Card Awards at the Central Eaton House on June 13th, 2017. Managing Director of MoneyHero, Rachel Lam, announced the winners of the seven credit card awards.
For businesses of any size, corporate cards provide a good solution to manage all business expenses. Moreover, for employees, corporate cards make it easy and convenient to pay for travel and entertainment and also gives you five-star treatment during your journeys.
The main types of credit cards in Hong Kong are VISA and MasterCard, followed by American Express and JCB.
In order to choose the best credit card, you can consider the popularity and offers of the card types, and also the reputation of banks, class of the credit cards, etc. Many people own several credit cards to meet different needs nowadays. Also, you can consider your spending habits and choose Cash Back Credit Cards, Airmiles Credit Cards, Dining Credit Cards, Online Shopping Credit Cards, Premium Credit Cards, Corporate Credit Cards, Entry Level / Student Credit Cards, UnionPay Credit Cards, or Welcome Offers Credit Cards. You can also make use of MoneyHero comparison pages, and compare latest offers of credit cards.
UnionPay credit cards issued in Hong Kong can be classified into 4 levels: classic card, gold card, platinum card and diamond card, while diamond card is the most premium one.
Cardholders of UnionPay Diamond Card can enjoy free access to Plaza Premium lounge up to 3 times a year and other exclusive offers, such as hotel dining discounts and movie ticket buy 1 get 1 free. Applicants with a minimum annual salary of HK$150,000 are able to apply.
The main advantage of UnionPay credit cards is “0% foreign currency transaction fee” (other credit cards usually charge around 2%), which allows cardholders to shop oversea without extra cost.
Besides, UnionPay also issues "dual currency credit cards" that can separate HKD and CNY transactions by offering two accounts in one card so that cardholders can enjoy flexible payment.
The foreign exchange rate of UnionPay is slightly worse than Visa and Mastercard. However, credit cards issued by Visa and Mastercard charge around 2% overseas transaction fee while UnionPay doesn't charge any. Taking it into account, Unionpay's overall rate will be better.
UnionPay Card is widely used in mainland China. Even in Hong Kong, most of the chain stores also accept UnionPay payment. UnionPay is also accepted by large merchants in Japan, South Korea and many other Asian countries. Nevertheless, UnionPay is not that popular in Europe and the United States, it is recommended to bring a Visa or Mastercard credit card when traveling to these regions.